Monday, 20 October 2014
Last updated 8 hours ago
Mar 20 2007 | 11:05am ET
Ayferafet Yalincak, the mother (and co-conspirator) of the New York University student who claimed to run a multi-million dollar hedge fund, has been sentenced to two years in prison for her role in her son’s hedge fund scam.
Yalincak, who pleaded guilty last year to conspiracy to commit wire fraud, argued that she too was a victim of the scheme, in which her son, the now-22-year-old Hakan, charmed wealthy investors into placing money with him, which he never invested. He even went so far as to donate $1.25 million to NYU, and pledged another $20 million to the university.
“I have the uneasy feeling today of not really knowing what should be believed and what should not be believed about this defendant," said U.S. District Judge Janet Bond Arterton, referring to the 52-year-old Yalincak.
Meanwhile, Hakan, who posed as an heir to a wealthy Turkish family, faces up to five years in prison and is set to be sentenced next month.
Following their release from prison, both Yalincaks face another ordeal: possible deportation to Turkey.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...